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. when we return, a new tax reform plan. ♪ >> welcome back. we are joined by kevin brady of texas. the ranking republican member on house ways and means. dave camp, with your support, there is any chance the house will vote on it this year? >> i don't know the timing on a vote. the timing to lay down the track is long overdue. it is dragging our economy down. it is unfair. someone, sometime had to lay down that first top to bottom rewrite. >> you have done in an admirable way. is there any chance the house will vote on it? >> i think it depends upon how it moves. the members in our conference are very interested in fixing this broken code. we have lots of segments of industry are weighing in a big way. >> doesn't this proposal set the predicate in many ways for any subsequent tax on wealthy banks? that has to be a part of any future package. >> this is important because it takes a big step. you have the conversation with specifics on the tax code. again, it really is how this is received. how groups weigh in. how members feel about it. at the end of the day we want the most pro-gr
the new tax reform plane is good. the ukraine debacle, and margaret carlson debates the political pull of bill clinton. >> we begin the program with the longest serving member of congress -- ever. served with 11 presidents. it is a privilege to have john dingell. thank you for being here. >> god bless you. you still call me john. >> you have revered the institution. what reforms would you make? >> one is the nasty partisanship. it shouldn't be that way. the congress means the coming together. the great assemblage of the american people. all of the business has been moved into the office of the speaker. newt gingrich started that. it gave them control over the then congress. they had the control they wanted to run the place they wanted. >> you would return that? >> you bet i would. >> but with the money in politics, the 24 hour news cycle, do you worry that rather than a temporary cycle, this may be a condition for a long time? >> i am afraid that it is so. i am very much afraid that the congress will never be able to go back. you mentioned the other problems we have. 24-hour news cycle
a huge change to tax cuts. what are they planning? >> this would collapse seven brackets into two brackets for essentially all taxable income, ensuring 99% of taxpayers face maximum rates of 25% or less. specifically, this is how he will do it. theof americans would be in 25% tax bracket. those who are above that would be hit with an additional rates. this would make filing a lot more >>, because instead of seven tax brackets we would be down to two, or i guess at least three. you would have that additional 10% tax for those making over 100 $50,000. moreover, it would end the unequal treatment for the carried interest private equity managers pay themselves. does this plan have legs? we are joined by the american action forum director of fiscal -- gordon, i will start with you. is there a chance we could see something like this get through congress? be great. that would there is a lot of debate out there about how big an effect tax reform could have on it, but i think there is a broad consensus that in general it is universally positive. if you ask anybody out there, should we do s
for spending including new initiatives for early childhood education, job training programs, expanding tax credits, and tax cuts as well. also, new funding for infrastructure. thethese ideas says -- president says is important for getting the economy to move in the right direction. >> it is a roadmap for creating jobs with good wages. at a time where deficit has been cut in half, it allows us to meet our obligations to future generations without leaving them a mountain of debt. >> republicans including john boehner called his budget the most irresponsible yet. they believe this is a campaign move that includes a whole host of issues that democrats like to campaign on on this midterm election year. this budget and the eyes of republicans and some democrats -- they are going to make some big changes. with the president has put the paper will change pretty quickly. >> thank you very much, peter cook. let's move on to media. the big story today was the entertainment network epix is joining the time warner cable family. it will be launched nationally on march 18. joining us to talk about this d
. the house ways and means chairman dave camp. he wants to blow up the tax code. not everybody likes that. >> he is getting it from all sides. he unveiled his plan yesterday. this is a more than 900 page effort. they want to totally overhaul the tax code. he is under fire from big banks. he even takes on the nfl. they have a tax exempt status. he is defending his plan amongst criticism from republicans and democrats that aspects of this go too far. to simplifye have and get lower rates, we can grow the economy by 20%. if we get 20% growth, that will translate to almost 2 million jobs. economy is the number one issue facing americans. americans want to do something about it. this proposal is one way to do something about it. >> the argument from critics is that it may be true controversial for those who would otherwise support it. he will pushs that forward on it and start the conversation. >> is dave camp running for reelection? >> he is running for reelection. who hashis is someone been a serious lawmaker for a long time. people were waiting for this proposal. she will wait what happens
with phil mattingly. he has details on the senate cost offshore tax evasion hearing. what was the primary defense today? >> he was more than willing to acknowledge that a small number of credit suisse bankers went above and beyond to help u.s. citizens of the taxes. senior management was deeply regretful for those actions. they said that they were on a pathway to reforming themselves. they work to try to change that. that was not enough for the senate chairman. take a listen. >> you do not want to be in the purely business that dirty business of helping u.s. clients she on her taxes. it is important if you are really going to the a reform bank that you have got to acknowledge what is clear in our report, the wrongdoing went beyond these mulgrew of rogue bankers. iswhat you see right there the senator nailing the biggest difference. claims that this was just a small number of bankers who were involved. in a report released by the committee, it is a very large number of bankers, as many as 1800, may have been involved. that was not results yet. hear frommittee will top justice department of
of shutterstock. >> "market makers" is back in a couple of minutes. credit suisse in testimony over taxes. >> brady dougan is in the hot seat. ♪ >> live from bloomberg headquarters in new york, this "mark and make -- "market makers." inbuying more real estate puerto rico. we will tell you why this is track -- attracting a lot of attention and what it means for the economy. plane new republican tax promises to track taxes at just 25%. will a simple -- >> hollywood "house of cards." how the gains have changed. hollywood's biggest stars are out there lobbying for one-on-one. welcome back. i am stephanie ruhle. >> i am erik schatzker. it is 11:00 on wednesday. >> i want george clooney knocking on my door with the dvd and a bag of popcorn in his hands thank him let's watch this movie together. >> right now in washington, it is uncertain -- uncle sam versus switzerland. the subcommittee is holding a hearing today to give the u.s. government names of american citizens who might have used those swiss bank accounts to avoid taxes. senator john mccain caught -- called the inquiry a joke. he would
someone, he actually reformed the tax policy -- and i look a little pink. should i consider spray tanning? this is "bloomberg surveillance ." live from world headquarters in new york. friday before the oscars on sunday. scarlet fu can barely contain herself. joining me are scarlet fu and adam johnson. >> i've got to go by the chips and dip. >> the only problem is you have to be up at 2:00 a.m. monday morning. time for the morning brief. what happened overnight. ecb president mario draghi said policymakers are committed to defending the euro area against inflation. this was in a speech late yesterday in frankfurt. in the u.k., home prices rose as the property market got a boost from low borrowing costs and easier access to mortgages. in italy, the unemployment rate rose to a record high in january. shifting over to japan, industrial production grew the most since 2011 indicating the economy is strengthening. jumble. of data but a all thisrning we got data. starting at 8:30 a.m., gdp. at gdp so look we get in theory they refined any little bit. also, personal consumption -- consumpt
's efforts to dodge the tax man. a hearing will feature top officials from the justice department. peter cook has got the details. credit suisse is about to have a very highlighted moment in the congressional spotlight. i cannot believe this is welcome to them. >> an unwelcome moment, to be sure. as you just detailed, four top executives at credit suisse will find themselves on the hot seat. about what they knew about the efforts to avoid paying taxes and what they have been doing at the bank to clean it up ever since. the report assembled by the staff of the senate's permanent subcommittee includes they employed a range of banking practices that facilitated tax evasion by u.s. customers. they had 22,000 customers with swiss accounts with $10 billion to $12 billion. the vast majority was undeclared to the irs. the investigation details the lengths to which the bank tried to shield its american customers. swiss bankers flew to the u.s. sometimes on tourist visas to recruit new clients. the bank helped create shell accounts to hide identities and even opened a branch office in the zÜrich airpo
tanks -- bangs on the firing line. today was credit suisse's turn to answer. showedt 200 pages worth tax evasion. is match as $10 million was hidden assets. the vast majority of accounts were shielded from the irs. >> that brought the ceo and other top executives at swiss holes of the congress. books are investigation chronicles the uneven and halting progress made in identifying u.s. taxpayers who cheated uncle sam by using offshore accounts. a bipartisan report that we're releasing today sites chapter and verse the failure to collect taxes owed and hold accountable the u.s. persons who evaded their tax obligations and the tax havens who helped them. we learned of one swiss anchor who met with the u.s. client over breakfast that he was luxury hotel and slept the client bank account statements in between the pages of a sports illustrated magazine. instanceslarming belong in a spy novel, not at one of the world's top tanks. betweensay your call two countries laws, but when you come to this country, you send bankers into the united states, set up an office in the united states, help u.s. c
. that is a failure on the democratic side and i am a democrat. they look at tax reform that will not only simplify the tax code. this is to simply pay our bills. >> let's talk about bills that specifically the kind that get printed. i must -- and the new chair is scheduled to testify tomorrow. >> what we will hear from her is a projection of the continues to recover. frankly, the fact that we have moved from washington being net negative on the economic recovery, maybe the neutral. that can be a positive aspect. a number of members will press on when we will see some additional relaxation and quantitative easing. >> is that what you're going to ask? are those the questions you'll ask? >> by the time they get down to me, i'm sure that they will be asked. one of the areas that i want to highlight is one of the coming fiscal crisis that we have to get ahead of her. we have now had a true billion dollars in student debt that exceeds credit card debt. we are starting to see the price diminish state and the federal support. with the rising college costs, we bought that off with debt. that is coming to a
interviewed dave camp. they will discuss, among other things, his new tax plan, and we will hear about it. stay with us here on "street smart." ♪ >> if you missed everything that happened during today's session, do not worry, in 45 seconds we will get you caught up on the only stocks you need to know about today. surging 25%cpenney after forecasting an increase in revenue. same-store sales will increase mid-singlets -- by digit percentage and gross margin will significantly improve this year. >> number nine, rbs shares down six percent as they report the biggest full-year loss since the bailout in 2008. the new ceo is trying to revive earnings by combining units, shrinking the investment bank and cutting jobs. likes number eight, blackstone. agreeing to buy 25% of gianni first half cheaper $287 million. this marks the end of a lengthy search for for saatchi family owners to find an investor. versace. motors.r six, general seven, general motors. up twober six kohl's, percent. toer jaffray continues recommend the shares and notes that the company management indicating on the inter--- earn
to not note -- that the committee that the bank's breakecutive did not help tax laws. the bitcoin industry doing damage control following the shutdown of a virtual currency exchange. they are assuring investors that their funds will not disappear. reports are out that hackers may have stolen more than $390 million in bitcoins. and the data breaches affecting has takenf shoppers its toll on target but fourth-quarter profits fell 46%. whoever, earnings beat estimates. -- faces more than 80 civil lawsuits on the data breach. julie hyman has more on target as well as a look ahead to jcpenney's results after the bell. she is looking at the entire troubled state of retailing today. here in the studio for the next hour, my guest house, restructuring guru who oversaw hostess brands and is now heading a wide range of companies that he will give his take on turning around retailers to overhauling taxes to hiking minimum wage. first, to you on this data breach and the impact on target. >> it definitely had an impact on target. not only did it take charge to fix the data breach, the bridge of credit c
it is the best poverty fighting idea the government has had in decades. the earned income tax credit. now president obama wants to expand it. in aore, let's bring senior economist for bloomberg government, which analyzes how policy decisions affect business. the earned income tax credit or raising the minimum wage, which works better? going to answer that question specifically. i'm going to tell you why people like the earned income tax credit. they like it because it encourages work. pullingsponsible for six and a half million people out of poverty in 2012, 3.3 million that were children. support ratetisan it has the effect the democrats like any incentives that republicans like. >> you are punting and not answering that. for the sake of argument, run through the things that people like about raising the minimum wage. we have seen that those receiving minimum wage at a higher level feel good about their lives and feel like they don't have to work two jobs anymore, and there are all these psychological benefits that have knock off effects which other economists describe as positive. >> th
taxes for low income families, and increase spending on bridges, roads, and job training. expected toare block the president's budget and offer one of their own. secretary of state john kerry has landed in kia for talks about the future of ukraine. itsce on reducing dependence on russian natural gas, we ask mike to hear from both senator kerry and president obama. putinheard from vladimir for the first time since the outbreak of the prices -- crisis. ryan joins us now from kiev. how did you interpret vladimir putin's remarks? >> the main thing about 's presst putin conferences that we got a sense of what he is thinking. ultimately copy is the only person who knows where this conflict is going to go. for the take away was time being he has no intention to escalate things. he said several things during that press conference, one, he said that he saw no need to send troops into ukraine yet. that was a bit cryptic, because ukraine says there are already 16,000 russian troops in crimea. what he needs, i think, is beyond crimea. into eastern ukraine. he also said that russia has no intention o
has sold assets, cut its tax rates, $20 per is aiming for share adjusted earnings up from $11.67 in 2010. saw the bays is the proud new owner of the pink star diamond. caret cut stone. the buyer defaulted. 8.3 alieneen a record dollars -- $8.3 million. there's a storm that will move across the country this week and could dump snow from kansas city to boston. it will make for a messy monday morning commute. storm has a silver lining. it is currently bringing much-needed rain to drought stricken california. isare minutes away from what forecasted to be a notable revision, lower, to fourth-quarter gdp. what will that tell the fed? was with one of the that president this morning. what is his thought on what gdp will look like? >> he mentioned the fact that we have this storm coming because that's a big issue. how much has the weather distorted the economy? we saw it in the fourth quarter a little this. how much can you take away from that? we asked charlie loss or about that. p --losser about that. you are continuing to taper if you don't know if the economy is weak because of th
later. ryan chilcote live on the phone from kiev. next, i'm going to take a thatat the tax price rate zara has to thank for that. ♪ >> first. bloomberg. in london.k barton this is "on the move." we are streaming live on your tablet, your phone and now any windows phone as well. it has the best profit margins in the industry, at least in part due to tax loopholes. loop holet tax benefit from? claimis -- a sickly, they the rights to the brand names of the in the text brands -- of the brands. when they have stores in rome or london or paris, the subsidiaries have to pay substantial royalties into this unit in the netherlands. that has the effect of moving billions of dollars of income, taxable income out of those countries and into the netherlands and switzerland, where they have a tax advantage. >> i suppose that affects margins in a different way in different countries, to? countries,fferent too? >> in the netherlands are switzerland they have very low tax rates. in italy and the u.k. and france and germany, it european markets their profit margins have been between three percent an
u.s. tax evaders. we will talk credit suisse after the break. ♪ >> welcome back to "on the move ." i am manus cranny at bloomberg's european headquarters in london. these are the bloomberg top headlines. from being thene most attractive carry trade that in the emerging markets to the worst in the space of two months. as the central bank's efforts to weaken the currency caused volatility to search. the exchange rate tumbled the most since 2010 earlier this week. losing money for investors who borrowed dollars to buy the yuan. angela merkel is expected to call for a stronger european union during her visit to the u.k. today. the german chancellor arrives in london later. she will address both houses of parliament and have tea with her majesty, the queen. >> i think she is going to try to convince the u.k. to stay in europe. that there are more advantages to stay in than to get out. you can't really pick what you like and not take the rest. i think that is the main message. yatsenyuk won the support of ukraine protesters in kiev to the an interim cabinet and averted a fraud. he says law
is pushing to revamp the tax code. his plan would eliminate dozens of rates. >> i am not going to accept 2% growth as the new normal. i'm not going to accept a minimum wage economy and the fact we are not creating jobs. kids are living at home because they cannot get out on their own. we need to grow this economy and create jobs. one way is through progress tax reform. heat has taken a lot of for this proposal. the banks are fighting against the plan new tax on banks which is intended to offer it -- offset lower rates for individuals. >> i think it affects about six banks. look. they are going from a 35% rate to a 25% rate. in the financial sector, there are not a lot of provisions, loopholes to close because there are not many. they are getting a two minutes tax break. i think it is important there be a trade-off. >> new taxes are going to make it tough for camp to gain support from fellow republicans. the plan is nowhere near firstng law, but is the major reconstruction attempt since 1986. let's move on to the executive branch. president thursday launching a new initiative to provide gre
. the number two swiss bank will put up a bill for helping american clients evade taxes. now the son is asking what exactly to the justice department so long to clamp down. ,ady dougan, c -- brady dougan ceo of credit suisse will be testifying in washington. we want to go to berlin where our international correspondent hans nichols is. with this into perspective with us because the sec began investigating this last year and are now just getting around to holding a hearing. why the lag? beenll, they have compiling this report, this committee report. we spent a lot of time with brady dougan. every quarter we go down and interview him. the question really today, tom, you know that swiss bankers are the most sophisticated people in the world. ifeel like i blunder when just say hello to them. today we find out whether or not an americann is banker or a swiss banker because he has got a tough, tough challenge. the facts don't reconcile. we have heard from in this morning they are talking about a handful of employees did this. the committee report said 1800 employees. they will have to reconcile thes
.m. in london. testifying before a senate committee on the role in tax evasion. insisted this conduct was limited to a handful of employees. hans nichols as the details from berlin. good morning. ritual to these hearings. or anyllenge to dougan, executive, is to be contrite but not give away ground to hurt shareholders. on this one key point on whether anyone would be held accountable, you kept hearing them press the question. >> how many culpable officers in key executives have you held accountable or fire the? >> we determined to shut this business down. over the course of the first two years after that i'm a we basically reduce the size of the business by about 85%. >> how many employees were fired? different credit suisse employees serviced the 22,000 u.s. linked accounts. the committee's report, only 10 of the 1800 were disciplined and no one was fired. is that an accurate statement? is largely accurate. >> why do people take money out of the country of origin and move to switzerland? historically, one of the things obviously highlighted is they are sheltering assets and income f
that has ever done that. >> you have said the campaign is about jobs and education. it talked about tax incentives in regulation. what kind of tax incentives would you pursue? how much would that cost? contest to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling insane bring your factory here. elon musk just yesterday announced his new battery factory. not looking to build in california. i do not fault elon musk for making a wild business decision. we need to improve california's economic climate so we are in the hunt. if you look up these windows, we have some natural advantages in california. nobody wants to move to texas. people love california. we do not need to be the cheapest place in the world but we need to be competitive and we are not. in arizona,building apple in texas. how would you get them to do california instead. >> the regulatory litigation complex in sacramento is out of control. hundreds of regulations every year. it is like a giant ball of yarn because bigger and bigger. we need to reign that and. when legisla
of dollars in offshore tax evasion. your goggles, upbeat about business in the u.s. even as americans get more of a taste for craft through -- craft brews. airbus stock climbs higher as the company works to boost production on its best-selling a320. good morning. welcome. you are watching "the pulse." i am guy johnson. francine lacqua is off today. what do we have for you on the show today? it is all a board brand italy. monocle magazine's latest issue is all about the country. we are live with the editor-in-chief tyler brule. we're going to cover a lot of ground. italy, beautiful but problematic. what do we do with it? let's begin with our top story of the day, and explosive report by u.s. lawmakers on credit suisse. according to a senate committee, the bank helped american customers hide as much as $10 billion in assets from the irs. that is more than double the amount previously known. hans nichols has more on the findings. he joins us from berlin. >> the numbers are shocking. more so than the numbers, the details, the salacious aspects of this report. you had secret meetings in secret
next week. inditexp this hour, fashions a tax loophole. we begin with our main subject of the morning. the situation in the ukraine is developing quickly. isted president yanukovych holding a press conference today from russia. the u.s. government tries to pull together international funding to avoid a default. let's go to kiev and our reporter there, ryan chilcote. walk us through what has been happening in the south of the country in the crimea this morning. >> it is certainly seizing headlines. i am at the ukrainian central bank with the prime minister and the head of central bank are giving a joint briefing about the state of the country's finances. the prime minister left early. i did have a quick conversation with him, one on one, and they are studying the situation in the crimea. they're trying to figure out who these people are. what we're talking about is that at five :00 this morning, another group of armed men -- at 5:00 this morning, another group appeared at anve in the crimea. we have two eyewitness reports that there is a group of somewhere between 50 and 100 armed men
no more special tax breaks to private equity. ♪ >> at a time when president obama is trying to show the world he has what it takes to also up to russia, he released his budget. as billion for the military he cuts forces, retires weapons and slows the growth of military spending. i asked the senator john mccain what he thinks of the budget. these cuts in defense spending are based and has been made known by the administration there will be no more land wars. weyou know how many times have said that in the 20th century after world war i, world , andi, korean war, vietnam we always had to rebuild the military, because it is not always a conflict of our choosing. >> do you see this as a central problem with the president's budget? issue with america's role in the world. he does not believe in american exceptionalism or leadership. that is why our influence is , especiallyhe world in the middle east where the united states influence and power is no longer a factor. much a consensus builder. we did not have it with the u.k. for syria. do you think things are changing at all or still in th
be compromised here? >> i do not see anything. it is $1 trillion more in taxes, increasing spending dramatically, not adhering to the compromise budget deal president obama signed a few months ago. that has been a problem. we do the budget control act, and then people weasel out of that. they do a compromise, and the first piece of legislation violates that. of course, this president is doing nothing to address the two thirds of the budget, the transfer payments, entitlement programs, that are on an unsustainable path. i do see a lot we can compromise on here. i happen to like the budget, but it is, relatively speaking, a non-event. there was a key agreement struck two months ago by the house represented by paul ryan, the senate represented by patty murray, in terms of discretionary spending and the key items within the discretionary account. second of all, this is a congressional election a year, obviously. i do not think this budget, which i happen to like, is going anywhere. >> what do you like about it? >> the deficit is going down considerably. >> is that from fiscal reform or from the econ
for managing fiduciary capital. they paid roughly 15% taxes on that. >> you are saying most of those profits came from the carried interest? >> having taken some of these top private equity managers. >> that was an income that was a shared close-out, wasn't it? >> it was. you have structured a certain category of money managers and let them get taxed at 15%. the contrast was jamie dimon this week at jpmorgan. he is essentially paying ordinary income. the women and men who manage bloomberg are just managers to pay ordinary income. >> what is the solution for you? raising the dividend tax? >> it comes into this concern of mine about income inequality and wage inequality that is an epidemic in this country. we have so isolated at handful of women and men in this economy, purposefully. we have not only tolerated they're becoming inordinately rich, but we encourage it -- >> to pick on henry kravitz as one of the names, he pays those taxes and a capital gains transaction. he does charities. i don't know which ones. he does this, that, and the other thing. is that enough? >> it is not even close to
years. >> stay with bloomberg. peter will have a live interview with the chairman of the tax writing ways and means committee. they will discuss the chairman's new tax proposal in the 4:00 hour of "street smart" only on bloomberg. coming up, more on janet yellen's testimony. u.s.l be joined by chief economist at jpmorgan when we return. ♪ lex federal reserve chair janet yellen repeated the central banks likely to keep trimming asset personages -- asset purchases. for a look at that, i'm joined here by the chief u.s. economist at j.p. morgan chase. welcome back to "bottom line." >> good to be back. >> chairman yellen said she and her colleagues will continue to monitor data to determine if recent weakness in the u.s. economy is temporary. bondlso added the purchases in her words are not on a preset course. >> i took away there is still a high hurdle to stop or pause in the tapering process. it is not on a preset course. take a different look in the labor market to stop --. if that data were to really come in below expectation, we cannot rule out a deposit the next meeting. however t
is optimistic for a good reason because we don't have big tax increases and spending cuts like we did last year. it creates a much better climate. >> as the fed has pointed out, this bill engages in very loose monetary policy. they're taking away the extraordinary measures. they are not raising rates. they're been very clear that rate raising is going to be starting untilot 2015. >> how quickly can policymakers make that pivot? >> there are two ways they could change the paper. it they could slow the amount of tapering from $10 million to $5 billion zero. or they could actually reverse it and start adding. they can do this whenever they want. they can have an inner meaning of vent -- even. they can do it whenever they have a meeting. whenever they want. although i really think they won't do an inner meeting group. they might do one. >> that said taper strategy -- it is interesting to note that although the fed is a ,arket and have similar views the fed is more optimistic about the economy. if the economy does weekend and it turns out not to be just eather, you could see a halt in the taper. wha
and said it is about jobs and education. you talk about tax incentives and regulations. what kind of tax incentives would you pursue and how much would they cost? >> there is a contest among all 50 states to compete to bring jobs to their states. we are not competing. we are asleep. governor brown is not traveling to other states to bring factories here. elon musk just two days ago announced his new gigafactory - >> up $5 billion battery factory not to be built in california. >> not even considering california. i don't fault him for making a wise business decision but went to improve california's economic climate so we are in the hunt. if you look outside these windows, we have some natural advantages in california. i like to joke that nobody wants to move to texas. people of california. we don't need to be the cheapest place in the world but we need to be competitive and were not. >> apple is building a factory in arizona, samsung in texas -- how would you get them to choose california instead? >> first of all, the regulatory litigation complex in sacramento is out of control. hundreds
.9 trillion increased spending plan for employment, education and job training programs. her tax breaks for about teen .5 million americans. how is he going to pay for it? taxes for families. he laid out his plans at a washington dc elementary school. >> i laid out an agenda to restore opportunities for all people. that nod the principle matter who you are, no matter where you started, you can make it if you try here in america. this opportunity agenda is built on four parts -- more good jobs and good wages from a making sure we are training workers with the skills they need to get those jobs, guaranteeing every child access to a world-class education, and making sure our economy is one in which hard work is rewarded. the budget i sent congress this morning lays out how we will implement this agenda in a balanced and responsible way. this budget adheres to the spending levels of both houses of congress, but also builds on that progress with what we are calling an opportunity, growth, and security initiative that invests in our economic ortiz in a way that's fully paid for by making smar
early childhood education and job training programs. $60 billion to expand tax credits like the earned income tax credit. what it also does is pays for crop including insurance subsidies and cutting back on certain types of tax loopholes. what this underlines is a new reality for the obama administration. it is an election year. has startedpicture to improve. take a listen to what the president had to say that. >> is a roadmap for creating jobs with good wages and expanding opportunity for all americans. at a time when i deficit has been cut in half. it allows us to meet our obligations to future generations. from the heard president, deficit picture is looking better. much so that levels will be below where they were before the budget crisis. >> how do republicans react to away from the emphasis on deficit reduction act out >? >> john baeder came out and said that this was the most irresponsible budget yet of the obama has proposed. the president laster put out an all french to republicans and said he was willing to make changes to social security, medicare and other entitlement progr
of the nate -- april 1 tax hike. ukraine's new prime minister get straight to work on securing the bailout worth as much as 15 alien dollars as tensions -- $15 billion as tensions flare. welcome to "countdown." anna is off today. bloomberg reporters are standing by across the world ready to deliver the stories that will drive your day. john has more on what we can expect from the ecb. john dawson has the highlights from hong kong. , set toe hathaway report record profits tomorrow. latest. hyde has the later, the uk's third-biggest insurer. julian roberts will join us after the earnings break at 7:00 . hollywood make it all of the attention when it comes to movie making, but what about nigeria's film industry? we will hear from the man behind the so-called nigerian netflix. that is later. chair janetrve yellen said the central bank is likely to keep trimming asset or justice. policymakers -- asset purchases. >> what we need to do and will be doing in the weeks ahead is to try to get a firmer handle on exactly how much of that set of soft data can be explained by weather. is not mostly weath
americans dodge taxes. hans nichols has more. the accusation is pretty shocking, isn't it -- $10 billion. how did the committee arrive at this number? i sat down with brady dougan a couple of weeks ago. he is tightlipped on the issue. >> the committee spent six years on this. it is a some hundred 70 page report. talk about numbers alone -- credit suisse has turned over the names of 238 banks accounts. the allegation in the report is that there were 10,000 visits by clients to one branch inside this a wreck airport. when you go to the zÜrich airport, we buy chocolate. apparently it is where you go to do your banking as well. they had 1800 employees that were dedicated to serving u.s. clients. the details are explosive. a fake visa applications, document shredding, you have secret meetings in secret elevators. you have inc. statements being theed to clients inside magazine "sports illustrated." it is remarkable. what brady dougan will have to account for is that if there was a culture at the bank that was trying to flout u.s. law. why did they set up the meetings? why did they have an air
. how big of a problem is there? my iphone, as i understand it, someone could see all of my tax and swipes and browsing. >> absolutely. people have a general idea that these devices are impervious to hacking. they think it is possible to take them over. apple has taken care of security so you don't have to worry about that. attacks against the bones have been so low compared to the entry platform. people get the idea that they are secure. mightmight be that they be a little less careful when they install applications. flaw.l me about the >> it is a vulnerability in the operating system that allows people to break out and gain permissions on your phone. apple tries to prevent your applications from doing certain things. when you actually cap keyser numbers, they are reading that raw data. this allows the hacker the ability to do that. it can record all the thumbprints on your scanner. how big a vulnerability would that be? 7 thing laste ios flaw,plus the os x off -- it sounds really bad. >> everyone runs on iphones. most people are not running any sort of application on their mac
-- biggest the tax e-mail is in after the break. >> julie is there. the u.s. investigation is hoping to reach a settlement this year. lawmakers have been looking into whether 14 swiss bank helped americans of a taxes while in an exclusive interview. the ceo says they are currently in negotiations with authorities. we are currently in discussion with the department finding a on ways of settlement. we have been already out there for four years. for us it's not something new. we are looking to find a settlement this year. >> is this the start of a cleanup and switzerland's financial industry? in singapore or hong kong or london. everyone will have higher acceptance, client of diligence, and i think ultimately this is good for financial services, for the integrity of the system, clients that maybe were working on an undeclared basis in the past are slowly in the age where they are facing succession, and the new , theytion of clients don't want to have anything to do with the money because they don't understand it. they prefer to have less, but that is money that can be moved freely. of the clampd
infrastructure program is a nonstarter. you are not going to raise the gas tax, you are not going to restructure the corporate tax code in the near future. but if oil prices can stay where they are or go up a little bit and can fund the development of a lot of energy infrastructure, that will drive road, rail, and other transportation infrastructure we're talking about. you need a private sector impetus. dry?sentially the pot is the piggy bank is empty? >> it pretty much is. highway funding is done. vehicle miles traveled have been dropping. gas tax revenues are falling. the need for a public-private partnership. you have private money coupled with public management. why can't we get that done? >> that does happen. but the economic incentive has to be there. we start natural gas exports and crude oil exports. the prices equalize between the center of the u.s. where the crude oil piles up in barrels and the rest of the world -- you can have it better environment for private investment and international energy agency's have estimated that it is in the trillions of dollars, the infrastructure inves
obama'2015 budget being sent to congress, as you mentioned. the president is proposing lower tax cuts for families. phil mattingly is here with more details on the budget. give us highlights. click that is right. we know a couple of things before it is officially released. $56 billion in new spending in this budget, a lot of it based on infrastructure, early childhood education. the white house is focused on the expansion of the tax credit, to expanded for lower income adults without children. that appeals to republicans, most notably senator marco rubio. the administration is hoping there might be some bipartisanship going forward. >> there is a notable absence of changes to entitlement programs. this is something they were willing to be flexible on. why this? >> that is right. there are no major changes to entitlement programs. they addressed social security. branch ton olive republicans. the main reason his house and senate democrats said to take it out. this is a major election year and we do not think this should be in any type of policy baseline. that is gone and officials tell
and no should not exist one should pay taxes. it has grown up since then. department of financial services recently had a hearing. the display of witnesses were nothing like the people originally involved in bitcoin in the beginning. these were all investors and not the doors with people with millions of dollars who have been around the block in terms of the traditional financial system. it has grown up. it does have some of those people still involved who are extreme in different ways and outside the mainstream. -- they are a smaller portion of bitcoin. >> what is the most important thing bitcoin can have happened does it need to be ultimately regulated? >> it depends on what you mean by succeed. most people would say success is acceptance into the mainstream. for that to happen, you need regulation. we had mount blowup recently. what that shows is you need to have standards to make sure that exchange -- the bitcoins are doing in a way that is secure. almost every single exchange or haset that has existed blown up, has been hacked, or entrepreneurs have as -- of scone did. there are new o
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